Weekly Market Wrap 10/01

10 January 2020

Weekly Market Wrap 10/01

Hopes the First Home Loan Deposit Scheme will increase home ownership levels

The first home loan deposit scheme (FHLDS) commenced 1 January 2020. Eligible Australians will now have the opportunity to buy their first home with a deposit of at least 5% of the home’s value, CoreLogic has reported this week. The research company noted that the FHLDS is not about housing affordability, it is about increasing levels of home ownership.

The federal government will guarantee up to 15% of the loan value. Borrowers could secure a mortgage relatively quickly with a low deposit and without paying lenders’ mortgage insurance.

No Christmas break for the property market

The property market doesn’t appear to have taken a back seat with values continuing to grow off the back of an already strong spring selling season.

According to the CoreLogic QV December 2019 House Price Index, national property values rose by 0.9% over the month and by 4.0% for the quarter, the fastest rate of national dwelling value growth over any three month period since November 2009.

NCAT Parramatta hearings to temporarily move to Sydney CBD from March 2020

The NCAT Parramatta hearings currently take place at the Commonwealth Law Court (Family Court). Due to increased sittings in the Family Court, NCAT’s access to these facilities will become very limited from March.

In the short term this will mean that group lists (first listings) will be relocated to NCAT’s premises in Goulburn Street, Sydney.

NCAT is committed to continuing its delivery of Tribunal services to the people in the Parramatta area and NCAT has acknowledged this temporary arrangement will cause some inconvenience and has apologised in advance for this.

Hot topics

The personal experience behind real estate boss’ harassment fight

REINSW President Leanne Pilkington has shared her personal story in a bid to highlight a culture of sexual harassment within the real estate industry.

Ms Pilkington, who is also the Managing Director of agency Laing & Simmons, said fostering professionalism in the industry was long overdue and critical to ensuring better standards among agents.

"We need to continue to shine a light, so others are compelled to act," she said.

Click here to read the full article published in the Financial Review.

2020 Roadshow is coming – get your early bird tickets now!

The Future is Now. From staying ahead of the Industry Reforms and Residential Tenancy changes to keeping up with the always-advancing digital space, we’ll equip you with the skills to thrive in 2020.

Reaching 19 locations, over four months, the Roadshow is an opportunity for agents to up-skill, advance their knowledge and ensure they are ready for the changes ahead.

REINSW will be donating $5 from every ticket sold to drought relief in regional New South Wales.

Click here for more information or to register.

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